Growing your business starts with one key concept: understanding what impacts your business. Particularly in today’s world with more and more sales moving online, obtaining key insights into what channels your customers are coming from (mobile vs. online) or what payment types they’re using (credit card vs. PayPal) can be invaluable when deciding what to offer or where to focus your attention. Even more specifically, for retailers that have the bulk of their transactions coming from guest checkouts, it’s almost impossible to understand your shoppers without customer accounts and their corresponding data. From recognizing customer demand for certain products to payment types, data driven retailers not only ask the right questions about what affects their business, but can actually answer them.
How? Using analytics.
However, it can be difficult to make sense of this data because consolidated views of relevant information aren’t always common practice. Oftentimes, dashboards and data visualizations are siloed based on how many vendors you integrate with. For example, risk analytics can live within your risk vendor’s dashboard and payment analytics can live within your payment provider’s dashboard. Going one step further, payment analytics can become even more disparate depending on how many alternative payment methods (APMs) you support.
To solve the problems of siloed data and lack of granularity into shopper behavior, Bolt is excited to announce its enhanced Merchant Analytics Dashboard. New dashboard views are available (including transactions, payments, risk, list, funding, and geography views) and improved filtering capabilities across all transactions. In addition, you’ll also be able to easily see revenue and average order values (AOV) by payment type and obtain account and risk data with corresponding data visualizations. And even more importantly, all payment and risk data is consolidated in a single place so you can understand all of the factors affecting your business.
With Bolt Accounts, you give shoppers a one-click checkout experience across hundreds of retailers in the Bolt Network. This improved checkout experiences makes completing purchases easier and faster for shoppers, but how does it impact your business? Are average order values higher for Bolt Account shoppers? How much of your weekly revenue is attributed to Bolt Account vs. guest checkout orders? These are questions you can now answer with updated account analytics available in our Merchant Dashboard.
Account information, particularly in relation to its performances against guest checkout transactions, gives you a better idea into shopping behavior and checkout trends for returning and new customers. For example, instead of seeing the weekly aggregation of average order values or total revenue, you will now be able to view that information by guest checkouts and Bolt Account checkouts. In addition to these metrics, account specific information is readily available to you that includes:
Knowing what payment methods are most used by your shoppers gives you a better idea of what to offer in checkout. For example, if you know that 30% of your transactions are completed through APMs, investing in industry-leading APM providers might be a good idea for your business. However, when it comes to payment information, particularly in relation to APMs, it can be difficult to have a truly holistic view.
The APM market continues to explode as companies learn that more and more shoppers are not only adopting alternative payment methods, but oftentimes using them as their main payment method. In fact, the “buy now, pay later” (BNPL) market, which is included under the larger umbrella of APMs, experienced a 197% YoY GMV increase last year. In ecommerce specifically, which not too long ago primarily offered credit cards in terms of payment methods, more and more retailers are understanding the value of APMs and looking for ways to offer as many as possible to their customers.
From Afterpay to Klarna, Paypal to Affirm, Amazon Pay to Apple Pay, the market is filled with both established incumbents and new players entering the space at a rapid speed. That’s why it’s even more imperative to have analytics in place that show performance based on payment type. Most payment analytics show reporting based on credit card networks, but what about APMs? And not just generally speaking with credit card performance vs. APM performance, but looking at APMs individually. With Bolt’s updated Merchant Analytics Dashboard, you now have a granular view of performance based on individual payment methods. View AOV, revenue, and transaction counts based on:
As important as account and payment information are to driving revenue, risk data is crucial to understanding the flip side: how to protect revenue. Bolt’s Fraud Protection provides fraud indemnification so you never have to worry about fraudulent chargebacks, but it’s still vital for you to be aware of what channels fraudulent activity is coming from and how it affects approval rates.
With our recent update, a comprehensive view of risk data is available so you can see where and how fraud is affecting your business. You now have access to:
To learn more about Bolt’s Merchant Analytics Dashboard, visit help.bolt.com.